Mortgage service company PHH moves forward with proposed Ocwen Financial merger

PHH Corp (NYSE:PHH) is one step closer to closing on its proposed merger with Ocwen Financial Corp (NYSE:OCN).

The financial service companies have received the necessary state regulatory and government entity consents to meet the closing conditions to the merger.

With all their ducks in a row, the merger is expected to close within the next 10 days.

READ: Small-Cap Snapshot: Ceragon Networks soars on deal to offer wireless access in rural Peru

If completed, Ocwen will acquire all of PHH’s outstanding shares of common stock in an all-cash deal valued at around $360 million, or $11 per fully diluted share.

Shares of New York-based PHH were up 2% to $10.98 in Friday afternoon trading while shares of Ocwen jumped nearly 7% to $3.96.

PHH’s subsidiary PHH Mortgage is a subservicer of residential mortgages, or the company hired by the lender to collect the mortgage payments.

Ocwen is a Florida-based financial services holding company, specializing in providing residential and commercial mortgage loan services.

Story by ProactiveInvestors